Chainlink, Dai, and Orchid Now Accepting Deposits

Chainlink, Dai, and Orchid Now Accepting Deposits

We are pleased to announce that today, April 24, 2020, at 9:30am ET, you will be able to deposit Chainlink (LINK), Dai (DAI), and Orchid (OXT) into your Gemini account with trading to follow soon thereafter.

With these additional cryptos, Gemini will offer trading and custody support for a total of nine cryptos (BTC, ETH, BCH, LTC, ZEC, BAT, DAI, LINK, and OXT) and custody support for another 15 cryptos (ZRX, BRD, MANA, ENJ, FXC, GUSD, GNT, KNC, LOOM, MKR, NMR, OMG, STORJ, FIL, and CSP).

We will be offering the following new trading pairs and services for DAI, LINK, and OXT:

Continuous TradingBlock TradingDaily Auction (4pm ET)Gemini Clearing
LINK/USDx
DAI/USDx
OXT/USDx
LINK/BTCx
DAI/BTCx
OXT/BTCx
LINK/ETHx
DAI/ETHx
OXT/ETHx

These assets will provide our customers with a new way to interact with the crypto ecosystem.

Chainlink is building a bridge between smart contracts and off-blockchain data, broadening their access to information and increasing their application potential.

How It Works: Currently, smart contracts can only use data found on their respective blockchains, which significantly limits their application. Chainlink solves this problem by allowing Chainlink nodes to fetch and organize data from the Internet and broadcast it onto the Ethereum blockchain for any Ethereum-based smart contract to use. These nodes set their own payment parameters and Chainlink uses Link to pay them. Chainlink can bring information from industries where outcomes are determined by parameters not exhibited on the blockchain, such as insurance, financial contracts, debt obligations, and many others, onto the blockchain.

Dai is a decentralized, crypto-collateralized stablecoin that seeks to maintain a 1:1 soft-peg with the U.S. dollar. Its primary purpose is to provide you with stable crypto dollars to use on the Ethereum network.

How It Works: When you deposit ETH or any other supported ERC20 assets into the Maker platform, DAI is created and loaned to you at 66% of the value of your deposit. You can retrieve your collateral deposit by returning the DAI you generated and paying a stability fee. This stability fee increases or decreases based on DAI’s price relative to the U.S. dollar. Supply and demand dynamics are intended to keep DAI’s value close to $1 USD over time.

Orchid is a peer-to-peer marketplace for virtual private networking (VPN) providers. OXT is the token used to purchase VPN bandwidth.

How It Works: Built on the Ethereum network, Orchid is designed as an alternative solution to centralized VPN service providers and the Tor network. You can use OXT to pay for VPN services and VPN providers must stake OXT tokens in order to operate on the network and sell bandwidth. The staking structure incentivizes VPN providers to provide quality, secure, and private Internet access without the quality risks of Tor or privacy and centralization risks of centralized VPN providers.

These assets expand the range of our platform and further our mission to empower the individual through crypto. We have worked closely with the New York State Department of Financial Services to obtain approval to offer trading and custody services for these new assets and we look forward to continuing to bring mission-oriented projects to you in the future.

Please contact support@gemini.com with any questions.

Onward and Upward,

Team Gemini

Please Note: In order to deposit LINK, DAI, and OXT you must first create a new Ethereum deposit address by logging into Gemini and going to the Digital Asset Transfers page. LINK, DAI, and OXT deposits to existing Gemini Ethereum addresses are not supported.